CHICAGO--(BUSINESS WIRE)--Northern Trust Corporation today announced that the Federal Reserve did not object to its 2018 Capital Plan.
Pursuant to its 2018 Capital Plan, Northern Trust requested authority to increase its quarterly common stock dividend to $0.55 per share from $0.42 per share, effective in the third quarter of 2018 and subject to approval by the company’s board of directors. As indicated by the Federal Reserve’s 2018 stress test results, Northern Trust’s 2018 Capital Plan also provides the company with the flexibility to repurchase up to $1 billion of common stock through the open market or in privately negotiated transactions between July 2018 and June 2019. The timing and amount of shares repurchased will depend on various factors, including, but not limited to, Northern Trust’s business plans, financial performance, other investment opportunities, and general market conditions, including share price.
“We believe the capital distributions included in our 2018 Capital Plan demonstrate the strength of Northern Trust’s focused business model and balance sheet, as well as our commitment to shareholders,” said Michael O’Grady, Northern Trust President and Chief Executive Officer.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.